Albemarle (NYSE:ALB) Shares Gap Up Following Analyst Upgrade

Shares of Albemarle Co. (NYSE:ALB) gapped up before the market opened on Wednesday after Royal Bank of Canada raised their price target on the stock from $108.00 to $133.00. The stock had previously closed at $102.80, but opened at $108.26. Royal Bank of Canada currently has an outperform rating on the stock. Albemarle shares last traded at $108.75, with a volume of 497,877 shares changing hands.

A number of other analysts also recently issued reports on the company. Berenberg Bank downgraded Albemarle from a “buy” rating to a “hold” rating and dropped their price target for the company from $160.00 to $83.00 in a research report on Wednesday, July 31st. Oppenheimer lowered their price target on Albemarle from $171.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Piper Sandler cut their price objective on Albemarle from $95.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday, August 8th. Scotiabank dropped their target price on Albemarle from $135.00 to $85.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 6th. Finally, Evercore ISI cut their price objective on shares of Albemarle from $190.00 to $170.00 and set an “outperform” rating for the company in a research note on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $114.47.

Institutional Trading of Albemarle

A number of institutional investors and hedge funds have recently bought and sold shares of ALB. First Community Trust NA bought a new position in Albemarle during the second quarter valued at approximately $25,000. CVA Family Office LLC boosted its stake in shares of Albemarle by 610.0% in the 2nd quarter. CVA Family Office LLC now owns 284 shares of the specialty chemicals company’s stock worth $27,000 after buying an additional 244 shares during the last quarter. Eastern Bank bought a new stake in shares of Albemarle in the third quarter worth $31,000. Cromwell Holdings LLC lifted its holdings in Albemarle by 61.9% in the third quarter. Cromwell Holdings LLC now owns 387 shares of the specialty chemicals company’s stock valued at $37,000 after acquiring an additional 148 shares during the period. Finally, Cornerstone Advisors LLC boosted its holdings in shares of Albemarle by 100.0% in the third quarter. Cornerstone Advisors LLC now owns 400 shares of the specialty chemicals company’s stock worth $38,000 after buying an additional 200 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors.

Albemarle Stock Down 5.6 %

The company’s 50-day simple moving average is $94.99 and its two-hundred day simple moving average is $100.22. The firm has a market capitalization of $12.00 billion, a P/E ratio of -6.10 and a beta of 1.55. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.44 and a quick ratio of 1.58.

Albemarle Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Friday, December 13th. Albemarle’s dividend payout ratio is currently -9.67%.

About Albemarle

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.